Farmers and agricultural innovators in China will receive enhanced financial services and aid under a new five-part plan announced Monday.
The initiatives, released by the country's central bank and four other competent central government agencies, aim to enhance financial support for rural revitalization.
One of the initiatives focuses on ensuring food security by extending financial services across the entire agricultural supply chain, including production, distribution, storage and processing. Innovations in financing models for high-standard farmland and facility agriculture, which adopted technologies to increase grain production, are also included in the initiative. Additionally, support will be provided for the development of the seed industry and agricultural technology, including facilitating the listing and refinancing of eligible seed companies.
Another initiative aims to consolidate and expand financial assistance, maintaining differentiated support policies for key counties that receive assistance and ensuring credit provision in areas that have been lifted out of poverty. Plans are also underway to establish sustainable financial aid mechanisms beyond the poverty alleviation transition period.
Furthermore, efforts will focus on promoting the development of various industries in rural areas through diverse financing channels such as loans, bonds, equity and leasing. This initiative seeks to broaden collateral options and revitalize rural assets to foster the integrated development of primary, secondary and tertiary industries in rural areas, ultimately boosting rural incomes.
By actively engaging in the financing for projects like county-level logistics distribution centers and leveraging pivotal nodes within rural logistics networks, the initiative seeks to foster a profound integration of capital flow, business operations and logistics to facilitate high-quality development in rural circulation.
In addition, the notice outlines ways to support rural construction through financial products aimed at improving living environments and advancing ecological civilization in rural areas. Financial backing will be strengthened to enhance rural infrastructure and public service facilities, supporting integrated urban-rural development at the county level.
The final initiative targets the enhancement of rural governance through innovative financial models that integrate the agriculture, culture and tourism sectors. Basic financial services in rural areas and digital platforms for rural revitalization will be improved to pool agricultural information and support digital village construction.
China unveils five initiatives to boost rural revitalization
Many Singaporeans support raising the re-employment age, partly to stay busy and active in retirement, and to help address demographic challenges in the workforce.
Like many other Asian countries, Singapore is grappling with a rapidly aging population. The government predicts that by 2030, one in four Singaporeans will be aged 65 or older, up from one in 10 two decades ago.
A survey on retirement and employment conducted last year in the country found broad support for raising the national retirement age, with about 88 percent of those aged 50 and above in favor.
Some supported increasing the retirement age because continuing to do what they love, rather than retiring, keeps them feeling youthful and fulfilled.
When Nancy Hor, a retired IT operations manager, left her job five years ago, she wasn't sure how to fill her time.
"I'm a workaholic. At the very first stage after I retired, I felt I could not find balance," she said.
Hor, now 70, said it took her some time to adjust. In her spare time, she stays busy line dancing and spending time with her family.
But she said that if she had had the choice, she would have liked to stay employed a little longer.
"I think it's good for the elderly that even they have some job to do, and keep them busy," said Hor.
In March, authorities announced plans to raise the retirement age to 64 and the re-employment age to 69 by 2026.
Singapore's Minister of State for Manpower, Gan Siow Huang, said the changes to the rules protect senior workers from dismissal due to age-related issues before they reach the statutory retirement age. Employers are also required to offer re-employment to eligible workers until they reach the statutory re-employment age limit.
This follows a similar move made two years ago to raise the retirement and re-employment ages to 63 and 68, respectively. The city-state is also aiming for a retirement age of 65 and a re-employment age of 70 by 2030.
"That is to reduce the impact on businesses, so it gives time for businesses to adapt their policy. This gradual increase in retirement age basically provides a framework for individuals like myself, who want to continue to be gainfully employed," said Patrick Chang, a retirement planning specialist and the author of the A to Z guide to retirement planning.
Chang said that businesses will need to make adjustments to accommodate the changes, including offering retraining for senior workers.
He noted that the changes won't impact those who still wish to retire earlier, but given Singapore's demographic challenges, the country cannot afford to remain idle.
"If we don't do it now, the social cost could be high. We cannot wait until the time when we need it today, and then we get something done. It will probably be a bit too late, and the cost of getting to that solution will be higher," said Chang.
Many Singaporeans support raising retirement, re-employment ages
